Fraud Risk

Financial Statement Frauds v2.0

In this course, the fraud triangle will serve as the backdrop for examining financial statement fraud. The three elements of the fraud triangle - pressure, opportunity, and rationalization - will be analyzed in the context of misrepresentation of financial statements. Cookie jar reserves, a creative accounting scheme used to manipulate reported earnings, will be discussed in depth. Sixteen specific financial statement fraud cases have been selected as representative of the major frauds that take place in organizations. Summaries of each case, along with the causes and motivations behind them, are discussed.

"Important: This course was previously titled as "Financial Statement Frauds (Updated)" Please be aware that the content or course code has not changed."

Learning Objectives:

  • Define the fraud triangle.
  • Recognize the characteristics of a cookie jar reserve.
  • Identify red flags associated with financial statement fraud.
  • Identify the fraud schemes in the context of 16 major financial statement frauds including HealthSouth, Tyco, and Rite Aid.


Prerequisites/Advanced Preparation:

None


Speaker / Author:

John M. Fleming, CPA, MBA, is currently the Director, Content Development for SmartPros LTD, a division of Kaplan Professional Education. SmartPros is an international educational and training company specializing in accounting, finance and ethics educational programs. John previously served as President and Director of Accounting and Auditing for LOSCALZO ASSOCIATES, a division of SmartPros for twenty-eight years. John retired as President of Loscalzo Associates on January 1, 2014.

John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

John, a Pennsylvania CPA, served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA) and currently serves as a member of the Institute’s Accounting and Auditing Technical Committee. In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association’s Mid-Atlantic Region.

John and his wife Marge live in Medford, New Jersey.

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Price (USD)

Standard: $24.95

Details

Course Code : 99FLE09-v2

Release Date : 10/27/2020
Expire Date : 10/31/2022
Credits :
CPE 1.00
QAS 1.00

Course Level : Basic
Length : 50min
Course Type : QAS Self-Study

Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Auditing
Theme : Fraud Risk

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